“We will also be able to continue to invest in and enhance our sales and project development capabilities while increasing our overall operational and system deployment capacity,” Mofid said in a statement.

Mofid expressed confidence that the industry will thrive.

“Attractive customer economics and the environmental benefits of solar create a compelling case for continued growth in the sector,” he said.

In June, the company said it had raised $9.25 million through a private placement of stock. The company said it planned to use the net proceeds of about $8.4 million to strengthen its sales, marketing and overall capabilities, as well as reduce debt.

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